CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 20,648	$ 31,614
Short-term investments	20,346
Prepaid expenses and other current assets	2,136	72
Total current assets	43,130	31,686
Property and equipment, net	68	84
Intangible assets, net	354	385
Operating lease right-of-use assets	181	216
Deferred offering costs in connection with the Merger		2,811
Other non-current assets	17	17
Total assets	43,750	35,199
Current liabilities:
Accounts payable	2,425	2,186
Accrued expenses	8,144	8,078
Operating lease liabilities, current portion	109	103
Total current liabilities	10,678	10,367
Operating lease liabilities, net of current portion	145	201
Convertible Notes		30,259
Total liabilities	10,823	40,827
Commitments and contingencies (Note 13)
Redeemable convertible preferred stock (Series A, B), $0.001 par value; 0 shares and 29,723,540 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 0 shares and 3,963,910 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $0 and $85,902 as of June 30, 2025 and December 31, 2024, respectively	0	85,503
Stockholders' Equity (Deficit):
Common stock, $0.001 par value; 150,000,000 shares and 58,251,629 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 9,373,433, and 2,574,767 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	9	2
Additional paid-in capital	130,579	1,103
Accumulated other comprehensive loss	(13)
Accumulated deficit	(97,648)	(92,236)
Total stockholders' equity (deficit)	32,927	(91,131)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit)	$ 43,750	$ 35,199

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).